The global In Vitro Diagnostics (IVD) market size was $60.3 billion in 2023, which will garner a CAGR of (5.3)% by 2033, according to a new report by GlobalData Plc. The increasing demand for point-of-care testing, technological advancements, and innovation in molecular diagnostics will drive the vitro diagnostics growth over the forecast period.
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IVD Market FAQs
- What was the global IVD market size in 2023?
The global IVD market size will be valued at $60.3 billion in 2023.
- What is the IVD market growth rate?
The global IVD market is expected to decline at a CAGR of (5.3)% over the forecast period (2023-2033).
- What is the key IVD market driver?
The rising demand for point-of-care (POC) testing is a prominent market driver in the in-vitro diagnostics (IVD) industry.
- What are the key IVD market segments?
- Product segment – COVID-19 tests, cholesterol tests, colorectal cancer screening tests, hepatitis B tests, hepatitis C tests, clinical chemistry analyzers, hematology tests, human immunodeficiency virus (HIV) tests, immunochemistry analyzers, diabetes assays, and others
- Regional segment – North America, Europe, Asia-Pacific, South & Central America, and Middle East & Africa
- Which are the leading IVD companies globally?
The leading IVD companies are Danaher Corp, Abbott Laboratories, F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories Inc., and Thermo Fisher Scientific Inc.
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IVD Market Dynamics
The IVD market is a rapidly growing sector in the healthcare industry. It encompasses a wide range of diagnostic tests performed outside the body, typically on samples such as blood, urine, or tissue. These tests play a crucial role in disease detection, monitoring, and management. The IVD market includes various segments such as clinical chemistry, immunoassays, molecular diagnostics, and more. IVD tests are fundamental for diagnosing a wide range of medical conditions, from infectious diseases to chronic illnesses such as diabetes. They allow healthcare professionals to accurately identify and monitor diseases.
IVD tests can identify a patient’s unique genetic or molecular profile, allowing for tailored treatment plans. This is especially important in cancer treatment and other areas of personalized medicine. IVD tests can help reduce healthcare costs by enabling early disease detection and preventing unnecessary treatments and hospitalizations. The IVD market is paramount in healthcare, as it enables accurate diagnosis and personalized treatment and plays a pivotal role in public health and medical research. Its continued growth and development are critical for improving healthcare outcomes and advancing medical science.
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In Vitro Diagnostics (IVD) Market Report Highlights
- The global IVD market is projected to witness a decline, resulting in a CAGR of (5.3%) from 2023 to 2033. IVD is now increasingly integrated with digital health technologies. For instance, apps and wearable devices can collect health data and seamlessly transfer it to diagnostic platforms for analysis. This integration improves patient monitoring and diagnosis.
- The COVID-19 pandemic has been a game-changer for the IVD market in North America. Diagnostic tests, particularly PCR (Polymerase Chain Reaction) and antigen tests, have been instrumental in controlling the spread of the virus. The response to the pandemic has showcased the industry’s ability to adapt quickly and develop innovative solutions to address healthcare crises.
- Key companies in the IVD market continuously adapt and refine their strategies to address evolving market dynamics, technological advancements, and changing healthcare needs. The leading IVD companies are Danaher Corp, Abbott Laboratories, F. Hoffmann-La Roche Ltd, Bio-Rad Laboratories Inc, and Thermo Fisher Scientific Inc.
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GlobalData Plc has segmented the IVD market report by region:
Global In Vitro Diagnostics (IVD) Regional Outlook (Revenue, $ Million, 2021-2033)
- North America
-
- US
- Canada
- Mexico
- Europe
-
- France
- Germany
- Italy
- Spain
- Netherlands
- Switzerland
- UK
- Russia
- Austria
- Belgium
- Czech Republic
- Denmark
- Greece
- Finland
- Hungary
- Ireland
- Norway
- Poland
- Portugal
- Sweden
- Turkey
- Asia-Pacific
-
- China
- India
- Japan
- Australia
- New Zealand
- South Korea
- Taiwan
- South & Central America
-
- Argentina
- Chile
- Brazil
- Middle East & Africa
-
- United Arab Emirates
- Saudi Arabia
- South Africa
- Israel
- Egypt
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